What $30K Buys You: The Cheapest Unit in the City

• May 4th 2010

by Mark Wellborn

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In this week’s installment of What X Buys You, we did some research to find the least expensive, move-in ready home on the market in DC. Eliminating foreclosures, short sales and abandoned homes in need of a complete renovation, we found a one-bedroom on the market in Congress Heights for $29,900.

The 540 square-foot unit at 20 Chesapeake Street SE is in need of some updating, but at $55 a square foot, the eventual buyer will probably have some money left over for renovations. The building itself was renovated in 1990.

While there are no maximum income limits to buy this property, the unit must be owner-occupied and cannot be rented out, the listing agent told UrbanTurf. The management for the building is “going for co-op lending approval” and must keep the building 100% renter-free.

The other downside to the unit are the fees: $336/month or about three times your monthly mortgage payment if you are financing. No word on why the fee is so high, but UrbanTurf is inquiring.

Aside from those things, consider that if you bought this unit, you are getting it for less than most people pay to buy a parking space in this city.

Update: Unit is a co-op. Fees include electricity, gas, and property taxes.

This article originally published at http://dc.urbanturf.production.logicbrush.com/articles/blog/what_30k_buys_you_the_cheapest_unit_in_the_city/2037.